11月25日，理想汽车创始人李想在B站更新了视频。 李想表示，理想不会造手机，但会推出一些生态化的产品，包括智能眼镜。 此外，李想还提到，智能音箱也在理想的考虑之内，希望理想的AI能力能够在理想汽车的用户生活 中，有一个更全面的覆盖。 在李想看来，智能眼镜是理想汽车最好的人工智能的一个附件。 其实，早在去年秋季的战略会上，理想管理层已经讨论过自研智能眼镜的必要性和可行性。 今年6月，理想成立了"穿戴机器人"新部门，理想自研智能眼镜或许将出自该部门之手。 ...

【#李想官宣理想智能眼镜#】今晚，理想汽车创始人李想更新了视频。李想表示，理想不会造手机，但 会推出一些生态化的产品，包括智能眼镜。在李想看来，智能眼镜是理想汽车最好的人工智能的一个附 件。 其实，早在去年秋季的战略会上，理想管理层已经讨论过自研智能眼镜的必要性和可行性。今年6月， 理想成立了"穿戴机器人"新部门，理想自研智能眼镜或许将出自该部门之手。此外，李想还提到，智能 音箱也在理想的考虑之内，希望理想的AI能力能够在理想汽车的用户生活中，有一个更全面的覆盖。 （快科技） ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-11 2025-02 2025-04 2025-06 2025-09 2025-11 0% 8% 16% 24% 32% 40% 48% 56% 64% 72% 晶晨股份 电子 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 晶晨股份(688099) 持续挖掘端侧 AI 应用潜力，业绩增长可期 l 事件 公司发布 2025 年三季报，前三季度公司实现营业收入 50.71 亿 元，同比增长 9.29%，归母净利润 6.98 亿元，同比增长 17.51%。 资料来源：聚源，中邮证券研究所 l 投资要点 公司基本情况 | 最新收盘价（元） | 88.88 | | --- | --- | | 总股本/流通股本（亿股）4.21 | / 4.21 | | 总市值/流通市值（亿元）374 | / 374 | | 52 周内最高/最低价 | 112.74 / 63.4 ...

来源：环球时报 【环球时报综合报道】11月12日，俄罗斯规模最大的信息技术论坛"数字解决方案"在莫斯科举行，出席 该论坛的专家们就人工智能（AI）发展和信息系统保护措施等议题展开讨论。如今，AI已被广泛应用 于识别电话诈骗、优化偏远地区银行工作、提升物流效率等场景。与会专家还介绍了AI在自动驾驶等 领域的应用前景及国家对信息技术（IT）产业的支持计划。 11月12日，俄罗斯规模最大的信息技术论坛"数字解决方案"在莫斯科举行。 斯高校毕业生中，就有一人获得IT领域教育学位。今年，IT产业新增约10万名专业人才，目前从业人员 已超过110万人。同时，还新增了面向中级专业人员的培养课程，并通过政企合作加强人才储备。 高效的政企合作 出席论坛的专家介绍了政企合作的成功案例。俄罗斯通信运营商MTS总经理加拉克季奥诺娃强调了"白 名单"的作用，该名单保证了运营商即使在受限环境下也能提供通信服务。她说，AI已不再是个时髦 词，而是实际业务流程的一部分：智能算法不仅整合到资费套餐中，而且帮助企业管理基础设施并提升 网络效率。加拉克季奥诺娃还表示，俄罗斯的技术主权不断加强：国产基站已用于数千项设施，并引起 国外合作伙伴的兴趣。 ...

Core Insights - The Ministry of Industry and Information Technology (MIIT) has reported 20 smart terminal products that infringe on user rights, highlighting the need for enhanced personal information protection and security measures in the development of smart devices [1][3][4] Group 1: User Rights Violations - Common issues identified in the reported products include lack of personal information processing rules, excessive collection of unnecessary personal information, and unauthorized transmission of personal data to the cloud [3][6] - Users have reported instances where smart devices, such as smartphones and smart speakers, misuse personal data for targeted advertising and collect excessive information about viewing habits and online activities [3][4] Group 2: Legal and Regulatory Framework - China has established a governance framework for compliance management of smart terminals, including laws like the Personal Information Protection Law and the Cybersecurity Law, which set basic rules for personal data processing [6][7] - Continuous joint actions by relevant ministries to protect personal information have become a regular regulatory mechanism, with a focus on addressing violations in smart terminals and applications [6][8] Group 3: Challenges in Implementation - Despite a comprehensive legal framework, there are imbalances in technology investment versus security awareness, commercial gains versus user rights, and regulatory requirements versus enforcement [7][8] - The drive for data monetization has led some companies to prioritize profit over user privacy, resulting in frequent violations of user rights [7][8] Group 4: Recommendations for Improvement - Companies are encouraged to integrate privacy design principles into their product development processes and establish robust data management and encryption mechanisms [8][9] - Users should actively participate in protecting their privacy by regularly updating systems, denying unnecessary permissions, and using strong authentication methods [9][10]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has reported 20 smart terminal products that infringe on user rights, highlighting the need for enhanced personal information protection and security measures in the development of smart devices [2][5][6]. Summary by Relevant Sections User Rights Infringement - Common issues identified in the reported products include the lack of personal information processing rules, excessive collection of unnecessary personal information, and unauthorized transmission of personal data to the cloud [5][6]. - Users have reported instances where smart devices, such as smartphones and smart speakers, misuse personal data for targeted advertising and collect excessive information without consent [5][6]. Security Risks - The integration of advanced technologies in smart devices has increased their functionality but also introduced more complex security risks [6][8]. - The development of smart terminals is crucial for the digital economy, and their security is now considered a matter of national security [6][8]. Regulatory Framework - China has established a comprehensive legal framework for personal information protection, including laws and regulations that require clear purposes for data processing and user consent [8][10]. - Despite the existing regulations, some smart devices still violate user rights due to imbalances in technology investment, commercial interests, and regulatory enforcement [8][9]. Recommendations for Improvement - Companies are encouraged to integrate privacy design principles into their product development processes and establish robust data management practices [12][13]. - Users should actively participate in protecting their privacy by regularly updating systems, denying unnecessary permissions, and using strong authentication methods [14]. Collaborative Efforts - The security of smart terminals requires a multi-faceted approach involving technology constraints, collaborative governance, and industry self-regulation to effectively mitigate potential risks [14].

分析认为，第一大股东陈雍入主卓翼科技董事会后，必将加速公司智能制造业务与跨境电商的融合，助 力公司破解制造业务的增长瓶颈，快速打开全球化市场的增量空间。 卓翼科技（002369）(002369.SZ)近日披露了公司第七届董事会候选人名单。从新一届董事候选人可以 看出，公司正通过科学搭建董事会架构，汇聚跨领域专业力量，推动公司向"智能制造+资源整合"的方 向加速迈进。 卓翼科技新一届非独立董事团队的组建凸显了"专业互补、资源协同"的核心逻辑。第一大股东陈雍凭借 18年跨境外贸深耕经验与丰富渠道资源，可推动公司智能制造优势与跨境电商资源深度融合；元老级高 管李兴舫的留任，确保了公司战略与运营的稳定性，助力新团队快速衔接；金融复合背景的陈亮有助强 化卓翼科技资本运作能力，为公司对接更多资本市场资源；电子信息领域专家杞耀军则以专业技术积 淀，为研发创新与产业升级注入动力。 作为华为等头部品牌企业的合作伙伴，卓翼科技多年来积累了雄厚的制造实力。在产品端，其产品覆盖 了Wi-Fi7、5GCPE、智能穿戴、移动电源等多元产品线，恰好契合海外市场对智能终端的需求热潮。技 术层面，公司在5G/Wi-Fi7通信、工业机器人等领域 ...

Core Viewpoint - The competition in the home appliance market is intensifying as traditional companies like Midea, Gree, Haier, and Hisense seek new growth through AI technology, product line expansion, and internationalization, while tech companies like Huawei and Xiaomi leverage their established smart ecosystem advantages to increase competition [2][3]. Group 1: Market Dynamics - Traditional home appliance companies are exploring new growth points through AI technology and expanding product lines [2][3]. - Tech companies are intensifying competition in the home appliance market by leveraging their smart ecosystem advantages [2][3]. - The shift towards a fully smart home environment is becoming evident, with consumers increasingly interested in integrated smart solutions [12]. Group 2: Consumer Behavior - Consumers are showing a preference for smart appliances, with features like AI voice control being particularly appealing to families with children and elderly members [6]. - There is a noticeable shift in consumer purchasing habits, with many moving from foreign brands to domestic brands due to the increasing expectations for smart features [6][7]. - Consumers are facing challenges with compatibility between different brands' smart systems, which complicates the integration of smart home devices [7]. Group 3: Technological Advancements - Home appliances are evolving from "single product intelligence" to "whole home intelligence," with systems like Midea's "Xiao Mei AI" integrating various smart functions [9][10]. - The interaction between vehicles and home systems is being developed, allowing for seamless integration and control of home environments from vehicles [11]. - The trend towards smart home integration is expected to continue, with significant growth projected in the smart home market over the next few years [12]. Group 4: Industry Trends - Major players in the home appliance sector, including Gree, Midea, Haier, and Hisense, are adapting to the blurred lines between home appliances and broader home ecosystems [14]. - The retail landscape is shifting, with smart home products being prominently displayed alongside traditional appliances to attract consumer interest [14]. - The release of technological potential in the home appliance sector is expected to reshape global competition, allowing Chinese companies to gain a more advantageous position in the market [15].

Core Insights - The cross-border e-commerce industry in China is facing unprecedented compliance challenges due to ongoing international turmoil and frequent adjustments in global e-commerce platform regulations, as highlighted in the iResearch report which states that the export scale of China's cross-border e-commerce exceeded 2.8 trillion yuan in 2024, with Amazon contributing over 35% of the transaction volume [1][4]. Regulatory Changes - In March 2025, the State Taxation Administration and the Ministry of Commerce issued regulations requiring domestic and foreign e-commerce platforms to report comprehensive tax information of Chinese sellers to Chinese tax authorities starting October 2025 [4]. - Amazon's recent notification outlines a quarterly reporting mechanism, with the first report due by October 31, 2025, covering transaction data from July 1 to September 30, 2025, involving over 50 million transaction records [5]. Seller Compliance Requirements - Amazon's reporting requirements include detailed information for corporate sellers, such as business name, tax identification, and bank account details, while individual sellers must provide identification and bank information [5]. - Sellers must complete mandatory information updates by October 20, 2025, or face restrictions on their withdrawal functions, with only about 45% of sellers having completed the updates as of mid-October 2025 [6]. Impact on Different Seller Categories - Large sellers (annual revenue over 100 million yuan) will need to restructure their global tax frameworks, potentially increasing compliance costs by 15%-20% [7]. - Small and medium-sized sellers (annual revenue between 10 million and 100 million yuan) may see annual compliance costs rise by 80,000 to 150,000 yuan, risking profitability [7]. - Micro sellers (annual revenue below 10 million yuan) face risks of incorrect reporting due to a lack of tax knowledge, prompting Amazon to offer support services [8]. Market Challenges - Concurrently, the FCC's "Operation Clean Carts" has led to the removal of 12 million Chinese electronic products from platforms like Amazon and eBay, affecting over 32,000 sellers, with Amazon accounting for 68% of the removals [10]. - The FCC's actions are part of a broader supply chain security review, with new regulations expected to impose stricter scrutiny on electronic products, potentially increasing production costs by 10%-15% for sellers needing to replace components from blacklisted companies [11][12]. Industry Outlook - The shift towards compliance in the global cross-border e-commerce sector presents both challenges and opportunities for Chinese sellers, with a potential industry reshuffle as non-compliant sellers may be eliminated [13]. - Companies are encouraged to enhance compliance capabilities and diversify markets and products to reduce reliance on low-barrier, high-competition categories, as 2025 is anticipated to be a pivotal year for compliance in China's cross-border e-commerce [13].

Core Insights - Jiahe Intelligent reported a total revenue of 1.625 billion yuan for the first three quarters of 2025, a year-on-year decrease of 15.91% [2][3] - The net profit attributable to shareholders was 28.825 million yuan, down 60.03% year-on-year, with a significant decline in Q3 net profit to 370.33 million yuan, a drop of 88.25% [2][3] Financial Performance - The gross margin for Jiahe Intelligent was 14.85%, a decrease of 7.39% year-on-year, while the net profit margin fell to 1.76%, down 52.6% [4] - The net cash flow from operating activities was -103 million yuan, reflecting a decline of 160.96% year-on-year [4] - Basic earnings per share were 0.01 yuan, down 94.25% compared to the previous year, and diluted earnings per share also stood at 0.01 yuan, a decrease of 86.94% [3] Business Segmentation - In the first half of the year, revenue from headphones and speakers accounted for 85.92% of total revenue, while smart wearable products contributed 10.14% and new energy storage products made up 1.88% [4] - Despite a strong performance in the smart wearable segment, which saw a year-on-year revenue growth of 28.76%, it was insufficient to offset the overall decline in profitability [4] Company Overview - Established in 2013, Jiahe Intelligent's main products include TWS headphones, smart speakers, and smartwatches [4] - The company is currently facing dual challenges of traditional business contraction and the cultivation of emerging businesses during a transformation period in the consumer electronics industry [4] - Jiahe Intelligent has been continuously attracting new clients, with changes in revenue contribution from its top five clients [4] - Its wholly-owned subsidiary, Jiahe Yuanqi, is focusing on the AR/AI smart glasses sector to strengthen its competitive edge through technological advantages [4]